Simplify Asset Management Inc. Sells 18,261 Shares of Elevance Health, Inc. $ELV

Key Points

• Simplify Asset Management cut its Elevance Health stake by 71.4% in the third quarter, selling 18,261 shares and retaining 7,316 shares valued at approximately $2.85 million. Institutional investors collectively own 89.24% of the company.
• Elevance Health reported quarterly earnings of $6.99 per share, exceeding analyst expectations of $4.71, while revenue reached $50.44 billion. Analysts currently give the stock a “Moderate Buy” consensus rating with an average price target of $456.48.
• The company declared a quarterly dividend of $1.72 per share, equivalent to $6.88 annually and a 1.7% yield. CFO Mark Kaye separately sold 10,584 shares, reducing his holdings by 34.7%.

Simplify Asset Management Inc. trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 71.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,316 shares of the company's stock after selling 18,261 shares during the quarter. Simplify Asset Management Inc.'s holdings in Elevance Health were worth $2,845,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. bought a new stake in Elevance Health during the second quarter valued at approximately $2,086,000. Stoneridge Investment Partners LLC bought a new position in Elevance Health in the second quarter worth approximately $970,000. State Street Corp raised its position in Elevance Health by 1.3% in the second quarter. State Street Corp now owns 10,426,610 shares of the company's stock worth $4,032,283,000 after acquiring an additional 137,914 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Elevance Health by 27.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 11,826 shares of the company's stock worth $4,598,000 after acquiring an additional 2,518 shares during the last quarter. Finally, State of Wyoming purchased a new position in shares of Elevance Health during the 2nd quarter worth $1,765,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $413.42 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.47 and a quick ratio of 1.47. Elevance Health, Inc. has a 1-year low of $274.84 and a 1-year high of $450.69. The company has a market capitalization of $89.32 billion, a P/E ratio of 17.63, a P/E/G ratio of 2.10 and a beta of 0.70. The firm's 50 day simple moving average is $409.71 and its two-hundred day simple moving average is $371.85.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The company reported $6.99 earnings per share for the quarter, topping analysts' consensus estimates of $4.71 by $2.28. The business had revenue of $50.44 billion during the quarter, compared to analyst estimates of $49.28 billion. Elevance Health had a net margin of 2.55% and a return on equity of 14.97%. The company's revenue was up .7% on a year-over-year basis. During the same period in the prior year, the business posted $6.03 earnings per share. Research analysts expect that Elevance Health, Inc. will post 29.15 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be paid a dividend of $1.72 per share. The ex-dividend date is Friday, December 4th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. Elevance Health's payout ratio is 29.34%.

Analysts Set New Price Targets

ELV has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price objective on shares of Elevance Health from $473.00 to $492.00 and gave the company an "overweight" rating in a research report on Tuesday. Barclays lifted their target price on Elevance Health from $469.00 to $472.00 and gave the company an "overweight" rating in a research report on Thursday, October 22nd. Weiss Ratings reissued a "hold (c)" rating on shares of Elevance Health in a report on Thursday, August 13th. Wall Street Zen cut Elevance Health from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Finally, Morgan Stanley upped their price target on Elevance Health from $404.00 to $449.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 22nd. Fifteen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $456.48.

Insider Buying and Selling at Elevance Health

In related news, CFO Mark Kaye sold 10,584 shares of the company's stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $440.13, for a total value of $4,658,335.92. Following the completion of the transaction, the chief financial officer owned 19,919 shares of the company's stock, valued at approximately $8,766,949.47. This represents a 34.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.34% of the company's stock.

Elevance Health Company Profile

Elevance Health, Inc NYSE: ELV is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.